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Liquid Media Group Ltd. (NASDAQ:YVR)

WEB NEWS

Friday, January 14, 2011

Comments & Business Outlook

VANCOUVER, British Columbia, Jan. 14, 2011 (GLOBE NEWSWIRE) -- Leading Brands, Inc.announces results for the third quarter of its 2010 fiscal year, which ended November 30, 2010. All financial amounts are denominated in Canadian dollars.

Q3 net income before stock based compensation (SBC) more than doubled to $253,000 or $0.07 per share versus $118,000 or $0.03 per share in the same quarter last year.
Year to date net income before SBC was $1,362,000 or $0.35 per share as compared to $1,269,000 or $0.32 in the same period of fiscal 2009.
Q3 net income was $47,000 or $0.01 per share versus net income of $66,000 or $0.02 per share in the same quarter of fiscal 2009.
Gross profit margin for the quarter was 44.4%, up from 40.2% in the same quarter last year.
Gross revenue for Q3 was $4,171,000, versus $4,668,000 last year. The decline in revenues is principally due to lower co-pack volume due to one-time business provided to the Company in Q3 last year. YTD revenue was $15,982,000 versus $17,190,000 in fiscal 2009. The Company ceased its food distribution business in mid-Q1 of fiscal 2009.

The Company will, for at least the balance of this fiscal year, report non-GAAP EBITDAS (earnings before interest, taxes, depreciation, amortization and stock based compensation) as a measure of its ability to generate cash and highlight this non-recurring, non-cash expense.

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